It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
The World Bank’s latest Nigeria Development Update discloses that NNPCL transferred only 50% (N600bn) of 2024’s N1.1tn fuel subsidy removal savings to the Federation Account, retaining N500bn for debt settlements. This follows President Tinubu’s 2023 subsidy removal, which saw petrol prices triple but full deregulation delayed until October 2024.
“Despite full subsidy removal, NNPCL began remittances only in January 2025 at half the expected rate,” the report stated. While other agencies boosted revenues to N29.5tn (10.6% of GDP), NNPCL’s contributions fell to N0.6tn from N1.1tn in 2023 due to lingering implicit subsidies.
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